Solana-Based DEX Volume Grows 67% to $21.3 Billion in 7 Days

DeFiLlama data shows that trading volume on Solana-based decentralized exchanges (DEXs) grew 67% to $21.3 billion on the 7th. Similarly, volume on Ether-based decentralized exchanges grew by 3% to $19.4 billion.There are 17 DEXs on Solana, with Orca ranking first in terms of volume, accounting for 88% of the total DEX volume in the Solana ecosystem. On Ether, Uniswap leads the pack of 46 DEXs. The analysis alleged that the significant increase in Solana ecological DEX volume was driven by speculative extremes in the Solana-based Meme coins WIF , BONK , BOME and SLERF.

At the time of Reserve's press release, the hottest tokens on DEX Screener over the past 24 hours came from Solana. the speculative frenzy resulted in 2,300 Meme coins in one hour on March 13, and a $2.8 billion supply of stablecoins on Solana for about a few years Research firm Reflexivity Research said that Solana has more stablecoins than Ether and other smart contract blockchains in terms of capital efficiency.